Netspot Solutions (NETT) ICO Review
Netspot Solutions is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.
|Ico Time||23 Feb 2020 – Unknown|
|Token Name||Netspot Solutions|
|Price||1 NETT = 0.25 USD|
|Soft Cap||5,000,000 USD|
|Hard Cap||50,000,000 USD|
More about Netspot Solutions (NETT) ICO:
Netspot solutions is developing a new distributed architecture taking advantage of blockchain technology and machine learning for in-depth problem solving and self-learning. This creation is the first in the world and is primed to majorly disrupt how devices are used and maintained across millions of enterprises.
Netspot is an extremely successful market leader in the industry of device-sharing with a huge user base from all over Asia, Africa and the Middle East. Netspot services top companies like Air Canada, Thales and have established partnerships with Boeing and Apple.
CurrentLandscapeSingle, centralised vendors provide the technology in terms of Content Management Systems (CMS), infrastructure networks as well as hardware for enterprise level digital device sharing. The vendors are solely responsible for the creation, maintenance and upkeep of the networks, ensuring a high level of data integrity and security for their enterprise customers. The associated hardware is also manufactured and supplied according to the demands of the customer, which may be highly customized in parts.Network operations and maintenance is extremely costly, and this places the full burden and cost of running complex networks across multiple ecosystems on the vendor, who in turn reflects the costs and margins as higher prices on the customer.Due to the issue of security and data ownership, large enterprises either choose to run the networks in-house (expensive and inefficient) or outsource to vendors (riskier, cheaper). These infrastructure networks in turn are run completely isolated and separated from each other, without any synergies or common technical bridges.
The legacy system functions with multiple intermediaries such as vendors, multiple network silos and central databases (either vendor or customer run). A typical structure like that incurs higher fees and potential vulnerabilities at each juncture. There is also zero synergistic opportunities arising from the lack of common contact points between networks. Even with the vendor acting as the central database intermediary, due to legality and a lack of transparency, data cannot possibly be cross shared or integrated between customers in any event.
NetspotSolutionThe protocol and resulting network is designed to remove cross-network inhibitors as well as promote a low fee structure around the technical ecosystem by making it more efficient and decentralised in database ownership and operations. Also, the introduc-tion of a tokenized environment brings about opportunity for incentivisation – stake-holders and network participants.Essentially the broad architecture brings about the following pertinent improvements:1. Security of the network is strengthened with a decentralised permissioned chain (practically unhackable with the inclusion of best practice + blockchain) 2. Identity could be MOST securely stored and retrieved by users with the use of private keys + current practices of signing. 3. Network can be cross pollinated with such a protocol – e.g user can be identified and use a device from Harvard as well as Starbucks with the same account. In order to approach the legacy systems and bring about positive disruption to inhibitors of growth from a technical as well as business objective, blockchain is deployed as an underlying framework and incentivisation ecosystem which is fully au-tonomous and self-propagating.
The Netspot blockchain (or mainchain) forms the bedrock of the broad architecture, with token management, public permissionless ledger and consensus within its core. To promote scalability and sustainability in operations, data is not stored in this centre, but in decentralised databases – Interplanetry File Systems (IPFS) which offer scalable and trustless open data storage. For public enterprise sharing networks, they can be built directly on top of the Netspot blockchain. These could be existing customers who prefer a low-cost approach to the management of their device networks and are open to data sharing. For private enterprise sharing networks, they will exist as sidechains to the overall protocol, scaling independently to the mainchain, thereby preserving utmost data-privacy integrity within their enterprises, as well as tapping on the mainchain for non-privacy-centric activities such as token flow and network security.
Netspot solutions can benefit from the FAI by exploiting a highly scalable solution which does not increase it’s cost with the size of the network/business and will not compromise on security by keeping vulnerabilities at a low.
The business requirement for Self-propagating ecosystem
The current business of securing new networks (enterprise customers) is largely driven by the Netspot sales team and engagement with corporations. The business growth depends solely on the marketing and sales ability of the entity to network and pro-mote the Netspot product internationally. Due to the enterprise and private nature of hardware/software sharing, affiliate reference or marketing does not typically apply to this industry.
Concept ofThe Netspot Node
Netspot architecture is designed with a node-based protocol deploying a model which closely resembles the Delegated Proof-Of-Stake (DPOS) model of consensus. The nodes are of utmost importance to the operations and security of the chain. Netspot nodes will also be fully incentivised and participate through the Netspot proprietary tokens (NETT).Technical nature aside, Nodes can represent different business functions, entities and stakeholders of the Netspot Network:1. Vendor(s) – Initially, Netspot Solutions will be the sole providing vendor of various services in the Netspot framework, related to maintenance, leasing, marketing of Netspot hardware and CMS.2. Key Customers – Customers in the Netspot protocol are both consumers of the 3. networks, as well as participants (sidechains or within mainchain), thereby running their own nodes and being a larger contributor the the network than before (legacy).4. Key Service providers – Other miscellaneous solution providers can invest in running a node for the purpose of providing service to the participants of the network5. Enthusiasts/Investors – Due to the permissionless nature of the Netspot mainchain, anyone can be encouraged to run the nodes and reap the incentives distributed over time and effort.
The consensus model designed for the Netspot solution is based on the proven DPOS model in the industry which is a secure, progressive system on other legacy models such as Proof of Work (POW) or Proof of Stake (POS), which come with their own limitations within the scalability trilemma – which struggles to offer a perfect scenario to Scalability, Security and Decentralization. DPOS in general pushes the boundaries on how the blockchain can scale (speed) and remain secure, while keeping through the mainstay of trustlessness.
Netspot solutions has adapted upon the DPOS model by building on the native business – device sharing (proprietary hardware) and CMS operations/management (software IP). This ensures that the business of device sharing and growth are intrinsically tied to the token economy and use-case of NETT within the larger blockchain ecosystem. In other words, the protocol first chosen based on a proven model, then customized from the ground up, focusing on the token economy of the chain as the key driver.
The key difference between a DPOS model and the Netspot DPOH model is the additional hardware component that must be present – The M3 Kiosk (or Netspot Kiosk). Owners of the kiosk would qualify to become validators of the mainchain. In turn, validators (once voted upon by token-holders) can secure, synchronize and maintain the chain – enjoying the incentivisation that comes with it. DPOH has a semblance of a hybrid between DPOS and POW, bringing about additional layer of security, and not compromising on decentralisation.
All token holders have the ability to vote upon the validators required secure the blockchain. Validators (Netspot Kiosk Owners) reside within the validator pool and can potentially be out-voted – which adds a layer of security in the event of bad actors who may be penalized. There will only be 200 Validators at any one time running the NETT mainchain. This ensures that scalability is preserved, while competition for validator nodes is also present at all times.Apart from securing the chain, validators are able to propose and vote for changes within the mainchain protocol. Examples of such proposals could be:
• Inflation Rate change
• Validator minimum quorum for proposals
• Validator numbers
• Staking wallets dynamic
• Protocol change
• Governance change
• Vote in-out stakers/validators
Validator voting is done on-chain and in order for proposals to be submitted, 51% of validators need to approve the submission. In order for submitted proposals be voted in, a quorum of 75% of validators need to approve the proposal for it to be passed in written in to the chain as a softfork (or hardfork).
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Netspot Solutions (NETT) ICO Scam or Not?
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